Many shoppers have yet to adopt new modes of transacting payments, such as processing charges through mobile phones or tablets. However, businesses that hope to appeal to young shoppers in coming years will likely need to begin offering their products across as many different outlets as possible. This process of providing products across a large number of different outlets is known as “omni-commerce.”
The millennial generation of shoppers is increasingly demanding of retailers and financial service providers, fully expecting that credit card payment processing options will be made available to them through mobile devices, according to the latest poll from Vantiv.
“Our newest research study regarding omni-commerce shows that the omni-consumer continues to have high expectations for mobile payments,” said Moira Tamayo, senior vice president of marketing at Vantiv. “That segment, especially the millennial generation, is a demographic that cannot be ignored.”
More than 50 percent of responding consumers currently own a smartphone, according to the research, more than 10 percent improved from figures recorded during 2012. Tablet ownership rose to account for more than 25 percent of the respondents, a jump of 15 percent from the statistics recorded last year. Generation Y consumers own these devices in even higher numbers: 78 percent of shoppers in this demographic own smartphones, and 34 percent of them own tablet devices.
Consumers are even beginning to use their smartphones while shopping at brick-and-mortar locations. The poll found that the average consumer uses mobile devices for 15 minutes while shopping in physical store locations, potentially illustrating the need for retailers to optimize and unify their offerings across multiple different channels.
Living in a multi-screen culture
Businesses across the country need to realize that we now live in a culture where shoppers spread their time across numerous media channels. Mobile credit card processing is now an expected feature, as opposed to being a perk or bonus.
The average American spends more than four hours of daily leisure time in front of media screens, according to research from Google, illustrating the opportunities offered to business owners who spread their marketing attempts across numerous channels. Americans split their time across many different primary media devices, including televisions, laptops, PCs, tablets and smartphones.
More than 20 percent of young consumers expect mobile payments to be their primary mode of conducting transactions in restaurants by the year 2018, for example, according to Vantiv’s research. This displays the expectation that mobile payments will be the norm – not a special feature – of retail offerings in coming years.Back To Blog